Certain funds exempt when deposited in account
- • limitation
(1) Funds that are exempt from execution under ORS 18.358 (Certain retirement plans exempt from execution), 18.385 (Wage exemption), 178.345 (Prohibitions and limitations on accounts for higher education expenses), 238.445 (Benefits exempt from execution, bankruptcy and certain taxes), 344.580 (Payments exempt from process), 407.595 (Loans not subject to execution or assignment), 411.760 (Assistance grants are inalienable), 414.095 (Exemptions applicable to payments), 655.530 (Assignment of benefits under ORS 655.505 to 655.555), 656.234 (Compensation not assignable nor to pass by operation of law), 657.855 (Benefits not assignable) and 748.207 (Benefits exempt from execution) remain exempt when deposited in an account in a financial institution as long as the exempt funds are reasonably identifiable.
(2) Subsection (1) of this section does not apply to any accumulation of funds greater than $7,500.
(3) All funds that are exempt under federal law remain exempt when deposited in an account in a financial institution as long as the exempt funds are reasonably identifiable.
(4) The application of subsections (1) and (3) of this section is not affected by the commingling of exempt and nonexempt funds in an account. For the purpose of identifying exempt funds in an account, first in, first out accounting principles shall be used.
(5) The provisions of this section do not affect the duties of a garnishee with respect to amounts in accounts that are not subject to garnishment under ORS 18.784 (Certain financial institution deposits not subject to garnishment). [Formerly 23.166; 2005 c.381 §19; 2009 c.430 §4; 2009 c.718 §37]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.